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Futures Contract Specifications for Jeera.
Name of Commodity Jeera
Ticker symbol JEERAUNJHA
Trading System NCDEX Trading System
Basis Ex-warehouse Unjha exclusive of sales tax/VAT
Unit of trading 3 MT
Delivery unit 3 MT
Quotation Rs per Quintal
Tick size Re 1
Quality specification Jeera of Indian Origin with the following specifications. Jeera to be necessarily machine cleaned

Foreign Matter* 1.0 % basis
Seeds with Stalks 8.0 % max
Damaged, Discolored, Weevilled seeds, Shriveled and Immature seeds 2.0% basis  
Test Weight (on count basis) Maximum 300 seeds per  gram
Moisture 9% max

*Foreign matter includes anything other than Jeera seeds e.g. sand, silica, pebbles, and other edible/non edible seeds
Quantity variation +/- 2%
Delivery center At the accredited warehouse(s) in Unjha (up to the radius of 50 Km from the municipal limits)
Additional delivery centres At the accredited warehouse(s) in Delhi (within municipal limits), Jaipur and Jodhpur (up to the radius of 50 Km from the municipal limits) with location wise premium/discount as announced by the Exchange prior to launch of contract
Trading hours As per directions of the Forward Markets Commission from time to time, currently -

Mondays through Fridays :
10:00 AM to 5:00 PM
Saturdays :
10.00 AM to 2.00 PM

The Exchange may vary the above timing with due notice.
Delivery specification Upon expiry of the contract all outstanding positions will result in delivery. The penalty structure for failure to meet delivery obligations will be as per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
Delivery Logic Compulsory delivery
No. of active contracts As per launch calendar
Opening of contracts Trading in any contract month will open on the 10th of the month. If the 10th day happens to be a non-trading day, contracts would open on the next trading day
Due date/Expiry date 20th day of the delivery month

If 20th happens to be a holiday, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange
Closing of contract On the expiry of the contract, all the outstanding position should result in compulsory delivery.
Price Band Daily price limit will be (+/-)2%. If the trade hits the prescribed daily price limit there will be a cooling off period for 15 minutes. Trade will be allowed during this cooling off period within the price band. Thereafter, price limit would be extended by another (+/-) 2% and the trade will be resumed. If the price hits the revised price band (4%) again during the day, trade will only be allowed within the revised price band. No trade/order shall be permitted during the day beyond the revised price limit of (+/-)4%.
Position limits

Member : 1000 MT or 15% of Market OI for all contracts whichever is higher
Client : 300 MT for all contracts

The above limits will not apply to bona fide hedgers. For bona fide hedgers, the Exchange will, on a case to case basis, decide the hedge limits. Please refer to Circular No. NCDEX/TRADING-100/2005/219 dated October 20,2005

For near month contracts:
The following limits would be applicable from one month prior to expiry date of a contract:
Member: Maximum up to 300 MT or 15% of the market-wide near month open position,
whichever is higher.
Client: Maximum up to 100 MT
Quality Allowance Foreign Matter 1% basis
acceptable upto 1.5 % with a discount of 1:1
Damaged, Discolored, Weevilled seeds, Shriveled and Immature seeds 2% basis
Acceptable upto 5% with discount as under:
Above 2% and upto 4% with 1:0.5 discount
Above 4% and upto 5% with 1:1 discount
Above 5% rejected
Special Margins In case of additional volatility, a special margin at such other percentage, as deemed fit, will be imposed in respect of outstanding positions, which will remain in force as long as the volatility exists, after which the special margin may be relaxed.


Tolerance Limits for Outbound Deliveries for Jeera

Specification Basis Deliverable Range Tolerance Limit
Foreign Matter 1.0 % basis 1.5 % max +/- 0.25%
Seeds with Stalks 8.0 % max - +/- 0.4%
Damaged, Discolored, Weevilled seeds, Shriveled and Immature seeds 2.0 % basis 5% max +/- 0.5%
Test Weight (on count basis) 300 seeds max per 1 gram - +/- 10 seeds per 1 gram
Upper limit on the total of all tolerances +/- 0.8%

Note: Tolerance limit is applicable only for outbound deliveries. Variation in quality parameters within the prescribed tolerance limit as above will be treated as good delivery when members/clients lift the materials from warehouse. These permissible variations shall be based on the parameters found as per the immediate preceding test certificate given by NCDEX approved assayer.



Contract Launch Calendar :-
Contract Launch Month Contract Expiry Month
October 2009 January 2010
November 2009 February 2010
December 2009 March 2010
January 2010 April 2010
February 2010 May 2010
March 2010 June 2010
April 2010 July 2010
May 2010 August 2010
June 2010 September 2010
July 2010 October 2010
August 2010 November 2010
September 2010 December 2010



Contract Launch Calendar of Jeera :-

Contract Launch Month Contract Expiry Month
October 2010 January 2011
November 2010 February 2011
December 2010 March 2011
January 2011 April 2011
February 2011 May 2011
March 2011 June 2011
April 2011 July 2011
May 2011 August 2011
June 2011 September 2011
July 2011 October 2011
August 2011 November 2011
September 2011 December 2011






Members and market participants who enter into buy and sell transactions may please note that they need to be aware of all the factors that go into the mechanism of trading and clearing, as well as all provisions of the Exchange's Bye Laws, Rules, Regulations, Product Notes, circulars, directives, notifications of the Exchange as well as of the Regulators, Governments and other authorities.

Members and market participants trading on the Exchange in the commodity contracts shall be deemed to be aware of applicable laws and amendments thereof from time to time, including provisions and rates relating to the sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty, stamp duty, etc., applicable on the underlying commodity of any contract offered for trading.

The Exchange shall not be responsible or liable on account of non compliance by any of the members and market participants of any such applicable laws or any amendments thereof including not being aware of rates of taxes, levies, etc., on the underlying commodity of any contract offered for trading.